MARA moved 6,000 BTC, about 17% of its entire 36,303 BTC treasury and worth roughly $385mn, into a Bitcoin-yield strategy run by Two Prime on 1 Aug, the same day it replaced two board members with power-industry executives.
MARA Puts a Sixth of Its Bitcoin Treasury into Firm It Partly Owns
5 August 2026 - 12:40 UTC
By Stu Clelland
It was reported hours earlier that investors are now splitting Bitcoin miners into winners and losers based on power and AI revenue rather than mining output: Bitdeer rallied on a new AI infrastructure contract, while Cipher Digital fell even as its data-centre expansion continued. MARA's board and treasury moves are that same repricing, showing up inside a single company on the same day.
Board seats follow market's own logic
Barbara Humpton and Georges Antoun resigned effective 31 Jul. Craig Hart, a 25-year power markets and energy-investing veteran from Avenue Capital Group, and Nancy Novak, who brings hyperscale data-centre expertise, took the seats effective 1 Aug, with Hart also picking up Antoun's spot on the Risk and Audit Committee. Two power-sector veterans on the board, with one of them now on the committee that oversees risk, brings governance in line with where the market has already been pricing MARA's value: power assets, rather than mining output.
What the yield tie explains, and doesn't
MARA led a $20mn equity investment in Two Prime in July 2025, taking a minority stake and expanding an existing Bitcoin-yield allocation from 500 to 2,000 BTC. That history is why today's transfer isn't a mystery. Lookonchain flagged the move without it, and on its own, a $385mn outflow to an unfamiliar counterparty would be a fair reason for concern. But owning a stake in the manager now holding a sixth of your Bitcoin treasury is worth stating plainly rather than filing under reassurance. MARA has an economic interest in Two Prime's success that sits separately from whether Two Prime is the best place for that Bitcoin. Neither company has disclosed the yield strategy's terms or whether the allocation was assessed against other custodians.
What Thursday should actually show
MARA reports second-quarter results on 6 Aug. Hashrate and mining margins will get the headlines, the same numbers the market has been discounting all week across the sector. The number that should move the stock is whether the power contracts and the Two Prime allocation are generating returns that justify treating them as core business lines, not whether MARA mined more bitcoin than last quarter. If MARA doesn't break those out separately on the call, that's worth noting in itself.
